China and the United States stop escalating tariffs and other trade restrictions

President Xi Jinping and US President Trump met in Buenos Aires, Argentina. After the meeting, the relevant person in charge of the Chinese economic and trade team told reporters that the two heads of state discussed Sino-US economic and trade issues and reached a consensus. The two heads of state spoke highly of the recent active and effective consultations conducted by the economic and trade teams of the two sides. Both sides believe that a healthy and stable Sino-US economic and trade relationship is in the common interests of the two countries and the world. The two sides decided to stop escalating tariffs and other trade restrictive measures, including no longer increasing the existing tariff rates for each other, and not introducing new tariffs on other commodities. The two sides agreed to immediately address each other’s concerns in the spirit of mutual respect, equality and mutual benefit. China will take further measures to deepen reform and expand opening up in accordance with the requirements of the 19th National Congress of the Communist Party of China. In the process, some economic and trade issues that the US is concerned about will be resolved. At the same time, the US will also actively resolve economic and trade issues that China is concerned about. The two heads of state instructed the economic and trade teams of both sides to step up consultations and reach an agreement to cancel the tariffs imposed since this year, and to promote bilateral economic and trade relations to return to normal track as soon as possible to achieve a win-win situation. At present, the teams of the two sides are further discussing the issue of tariff reduction and cancellation. From the overall situation and the current stock market situation, the truce of the Sino-US trade war has a clear promotion effect on the domestic and international economy.